(I-BusinessNews.Com, November 08, 2019 ) The food flavors market is projected to grow at a CAGR of 4.8%, to reach USD 17,096.4 million by 2023. Manufacturers are planning marketing campaigns to increase consumer awareness regarding health benefits of food products incorporated with natural flavors. Natural and organic concepts are two tools that are predominantly utilized in the food industry by marketers to increase the demand for natural flavors in the market. Consumers are ready to pay premium prices for the natural ingredients, and the majority of the population thoroughly checks for the labeling for the same. This is one of the major driving factors for the food flavors market from natural origin. Technological advancements such as microencapsulation and non-thermal techniques such as HPP and PEF support the flavors market to a great extent by dealing with critical functions such as product protection and timely delivery of core material. Sensient Technologies Corporation (US) has been active in developing new encapsulated flavors for ice teas, carbonated soft drinks, and still drinks.
What are the opportunities in emerging markets with increasing spending power?
An increase in the working population and the dominance of nuclear double-income families, especially in urban areas are trends that affect existing consumer lifestyles. Development in living standards has also contributed to the development of the convenience food market. Therefore, the market for food flavors is estimated to demonstrate high growth potential.
According to International Monetary Fund, World Economic Outlook Database, April 2017, the FMCG market in India is estimated to grow at a CAGR of ~14.7% from 2012 to 2022, to reach USD 37 Billion, which is considered to be a high growth. Urbanization has been driving the Indian processed food market which has increased from 27.8% in 2001 to 31.2% in 2011. The country has huge number of regional flavor manufacturers where the key players can strategize in the partnerships and acquisitions.
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Consumer inclination toward clean-label and organic products drives the natural food flavors market
Marketing using a clean label is common in the natural flavors industry. With rising health awareness, consumers are moving towards natural food products. Natural flavors offer varied health benefits and are widely accepted by consumers who are ready to pay premium prices for natural foods. It has been observed that a majority of the population thoroughly checks the label of a product before buying it. This awareness among consumers has prompted manufacturers to undertake the replacement of synthetic flavors with natural flavors.
Manufacturers are planning marketing campaigns to increase consumer awareness regarding health benefits of food products incorporated with natural flavors. Natural and organic concepts are two tools that are predominantly utilized in the food industry by marketers to increase the demand for natural flavors in the market.
The major reason to replace synthetic flavors with natural ones is their ill-effects on health, such as nervous system depression, dizziness, chest pain, headaches, fatigue, allergies, brain damage, seizures, and nausea. According to the Environmental Working Group (EWG), it was found that a few synthetic flavors obtained from petroleum have a permanent impact on an individual’s health. For instance, amyl acetate, which is a prime contributor to banana flavors, causes nervous problems, headaches, and indigestion. Such factors are increasing demand for natural flavors in food & beverage applications.
Technological advancements
Companies are adopting new technologies to produce better varieties of natural and synthetic flavors for more stability and suitability. For instance, flavors of tropical fruits are lost during processing. Therefore, to retain its flavor, manufacturers are inventing advanced technologies. The extraction of flavors is a complicated task. Supercritical carbon dioxide is used to extract flavors and is a harmonized technique adopted by manufacturers. Lycopene, beta-carotenoids, vanilla, and essential oils, along with several other flavors are extracted using SLE technology. Solid-liquid extraction (SLE) is an advanced technology that extracts 90% of the natural flavor. Supercritical fluid extraction is the most advanced extraction technology, performed at a high-pressure level.
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The key players that are profiled in the report include Givaudan (Switzerland), International Flavors & Fragrances (US), Firmenich (Switzerland), Symrise (Germany), Frutarom (Israel), Sensient (US), MANE (France), Takasago (Japan), T.Hasegawa (Japan), and Robertet (France).
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